Modern insurance regulations are only valuable when implemented, says HE Pierre Gramegna the Minister of Finance of Luxembourg during the recent IAIS annual meeting. HE addressed the challenges that can face the regulators in their endeavors, and emphasized the growing importance of sound governance, transparent prudential reporting, and market conduct; such considerations are relevant for all financial services institutions in an increasingly complex risk environment.
As part of its longstanding cooperation with international reinsurance firms on strategic and technical topics, the Insurance Control Commission received a delegation from SCOR who was visiting the insurance markets in Lebanon and the region.
The Insurance Control Commission (ICC) completed a number of on-site inspection visits to insurance companies in order to form a view on the level of compliance of the sector with the stipulations of Decree 186/ICC issued on 17 April 2018. As a result of these visits, the ICC decided to revoke the list of approved companies and products; This list will be updated continuously based on the outcome of the on-site visits.
The Acting Head of the Insurance Control Commission, Mrs. Nadine El-Habbal, attended the annual meeting of the Arab Forum of Insurance Regulatory Commissions (AFIRC), during which the participants agreed to move the Forum into an Association, hence strengthening and formalizing the collegial cooperation among regulators.